Credit has several complicated meanings in the financial world, but for us average people it almost always means an amount of available money that we can borrow from a bank. Before a bank will give us credit, it will want to see all of our financial data. The bank will then determine how much credit to give us and will attach various terms to our new credit. But then we’re good to go shopping with our credit. Remember, it’s called credit because we borrow it—which unfortunately means we have to pay it back. When we use our credit we turn it into debt—ironic how words work, isn’t it?